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Al Jazeera America
Jan 6, 2014 7:00pm EST
#, but it is only the beginning according to jeff reubin. he say oil by rail may be in the beginni beginnings. he was one of the first economists to accurately predict soaring oil prices back in the year 2000. he joins us now. good to see you, jeff. >> good to see you. >> oil by rail is just not regulated, and we are piling more oil on to rail cars daily. >> that's right. and i think, you know, one of the unintended consequences of environmental opposition to pipelines on both sides of the border has been to put oil on rail. of course their intention was to keep oil in the ground, whether we're talking about the bakken or the oil sands, but the industry's response has really gone back in time, when of course rail was the key way of moving oil. as you point out, rail is a much more expense if way of moving oil, and certainly a much more hazardous way, particularly when it comes to moving the very flammable volatile, light oil from the bakken, and i think de facto, we have gone from bad to worse in how we're moving oil. and that's really the achilles heel, is we don't really have the infrastructure
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